G7 leaders commit to phasing out Russian oil

Leaders of the world’s richest economies today committed to banning imports of Russian oil in a further ratcheting up of sanctions against Vladimir Putin.

G7 chiefs have committed “to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil,” the White House said in a statement yesterday.

The move was announced on the same day as VE Day.

Russia will show off tanks and other weaponry in its annual 9 May Victory Day parade tomorrow, with many expecting President Putin to characterise his brutal invasion of Ukraine as a success when he addresses the nation.

Western countries have launched a sweeping set of curbs in response to the Kremlin sending troops into Ukraine with the intention of locking Russia out of the global economic and financial system.

The new sanctions were announced after President Biden met with G7 leaders and Ukrainian President Zelensky virtually to discuss the war.

Americans will be unable to provide accounting and consulting services to Russians, the White House said yesterday.

Executives at Russian bank Gazprombank have been hit by new US measures. Russian TV stations have also been reprimanded.

The lender’s assets have not been frozen, but the new sanctions were designed to have a “chilling effect,” a White House official said.